India Nickel Scrap prices stay flat; Nickel Futures finishes above Rs. 600/kg

INDIA May 22 2017 4:53 PM
MUMBAI (Scrap Register): Major nickel scrap prices in India stayed flat on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained on the back of a sustained crackdown in China's polluting steel industry, which fueled worries about steel supply and lifted the prices of its raw materials.

According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel indco Canada (4x24), nickel indco Canada (4x4) , nickel plate(4x24), nickel plate(9x9), nickel Russian (4x24), nickel Russian(4x4) and nickel Russian(9x9) showed a steady trend on Friday.

In futures, the most active May nickel contract on Multi Commodity Exchange advanced by 1.40 percent to Rs. 602.50 per kilogram on Friday from previous close of 594.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 607.90 per kilogram and an intra-day low of Rs. 591.30 per kilogram during Friday.

However, China investors have cut metals holdings since President Xi Jinping called for increased efforts to ward off systemic risks to help maintain financial security last month. China's April non-financial outbound direct investment (ODI) fell 71 percent from a year earlier to $5.82 billion.